AN INSURANCE APPRAISAL FOR

Transcription

1 AN INSURANCE APPRAISAL FOR ANY YACHT CLUB ANY CITY, ANY STATE File AS OF JANUARY 1, 2015 PREPARED BY GAB ROBINS A DIVISION OF CUNNINGHAM LINDSEY 3300 WEST LAKE MARY BOULEVARD, SUITE 350 LAKE MARY, FLORIDA (407) ext

2 AN INSURANCE APPRAISAL FOR THE ANY YACHT CLUB January 1, Any Street Any City, Any State, File No Mr. John Doe Any Yacht Club 123 Any Street Any City, Any State Dear Mr. Doe: At your request, GAB Robins North America, Inc. performed an update appraisal based on a previous full Insurance Appraisal performed on Any Yacht Club property. The estimated hazard values set forth in this appraisal are effective as of January 1, This appraisal update is based on the actual percentage change in building construction costs for materials, labor, manufactured equipment, contractor s overhead and profit, but without provision for overtime, bonuses for labor, and premiums for materials, upon the basis of replacing the entire appraisal property new as a complete unit at one time from the date of the last appraisal. The following narrative report describes the property and our method of approach to the valuation. All factors that are considered relevant to the value estimate have been thoroughly analyzed and investigated. The values set forth in the report are subject to the assumptions, limiting conditions and certifications contained in this report. It must be noted that estimated values in this report do not include demolition cost. Additionally, no contents, personal property, land value or other site improvements or permits have been included in this report. This appraisal is to be used as a guide to assist the client in their determination of the proper amount of insurance coverage. The appraiser has not re-inspected the subject premises and has made the following assumptions in arriving at the updated insurable values: 1. That no structural or decorative alterations or additions have been effected to the subject premises since our last appraisal. 2. That the rate of deterioration and depreciation has remained at the same rate as originally noted. 3. That the maintenance and protection of the appraised property is being conducted in the same manner as noted during our original inspection. Any deviation from the above mentioned assumptions would invalidate the updated values given. While we believe these values to be accurate within reasonable limits, acceptance by any insurance company, corporation, branch of any federal, state or municipal government, by any individual now or in the future, cannot be guaranteed. The value of land is not included in the appraisal above. The appraiser has 2

3 Mr. Doe Page 2 made no investigation of, and assumes no responsibility for title to, or liability against the property appraised. As a result of our thorough appraisal investigation, we have estimated the insurable values for coverage of Any Yacht Club, 123 Any Street, Any City, Any State as of January 1, 2015 as follows: AS IS TOTAL ESTIMATED INSURABLE VALUES REPLACEMENT COST LESS EXCLUSIONS INSURABLE REPLACEMENT COST LESS DEPRECIATION DEPRECIATED REPLACEMENT COST $13,118,900 $128,189 $12,990,711 $1,364,807 $11,625,904 Respectfully submitted, GAB Robins, A Division of Cunningham Lindsey Bruce D. Riemann Manager/Senior Appraiser Certified Construction Inspector #6206 Certified Construction Consultant #6206 Association of Construction Inspectors 3

4 TABLE OF CONTENTS I. COVER PAGE 1 II. LETTER OF TRANSMITTAL 2-3 III. TABLE OF CONTENTS 4 IV. COMPANY OVERVIEW 5 V. METHODOLOGY 6 VI. PURPOSE AND DEFINITIONS 7 VII. ISO CONSTRUCTION CLASSIFICATIONS 8-9 VIII. RECAPITULATION OF VALUES 10 IX. PROPERTY DATA X. SUMMARY AND DETAIL APPRAISAL REPORTS XI. PHOTOGRAPHS XII. CERTIFICATION 72 XIII. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS XIV. CITIZEN CERTIFICATION FORM FOR MINIMUM REQUIREMENTS FOR NON-LICENSED COMMERCIAL RESIDENTIAL INSPECTION/VALUATIONS

5 COMPANY OVERVIEW GAB Robins has been successfully providing property insurance expertise since it was founded more than a century ago. GAB Robins approach to servicing our clients is to understand and address the needs of each individual client. This approach has allowed us to win acceptance with our clients and ensures they receive consistent and quality service that meets or exceeds their expectations. Our company has a proven history or stability, financial strength and respect in the marketplace We will be there when you need us. Generally, insurance appraisal or reserve study firms usually perform their services in a localized market with fewer appraisers, thus potentially having limitations. With GAB Robins being a national company with tenure in the marketplace and resources, we are able to perform appraisals and/or reserve studies on properties of any size throughout the US, Canada, Mexico or Caribbean. GAB Robins has appraisers based strategically throughout the United States. Our personnel have extensive experience in providing our services for virtually every type of property. Our appraisal division consists only of tenured people with no less than 10 years experience in the construction and content valuation business. ACI (Association of Construction Inspectors) have designated our appraisers as Certified Construction Inspectors. Our Reserve Studies are produced by our Reserve Specialist personnel. These reserve specialists have a designation received from the CAI (Community Association Institute) and have proven their expertise through both formal education programs and substantial reserve study field experience. The sole function of this division is to provide accurate insurance appraisals, content appraisals and reserve studies for our clients. The estimated replacement cost values reported in our valuations are derived through a number of methods. The primary method utilized for estimating the replacement cost in our Insurance Appraisals is provided through a software system called Sage 300 Construction Estimating 9.7. This estimating software is used by a large number of construction, engineering and architectural companies in the United States. The database within Sage Estimating for estimating the replacement costs is RS Means. RS Means is an established and reputable construction data collection company which has been a prominent provider since The labor wage rates and material costs used are localized to the property s location and pricing is based by zip codes which assures greater accuracy. Additionally, the database allows custom cost inputs from the market place furthering its accuracy. All of the replacement costs contained in our analysis include the contractor s overhead and profit, all labor, taxes and insurance costs as well as general building conditions. In addition to this cost data, our appraisers have formed relationships in the marketplace with general contractors and architectural and engineering firms, which are utilized in support of the cost data found in the Sage Estimating software as needed. Our central office maintains a complete database of every insurance appraisal and reserve study performed on behalf of our clients. This ensures that should you have questions or need a copy of a report at a later date, it will be provided for you. 5

6 METHODOLOGY In estimating the replacement cost of any improvement requires a diligent effort on the part of GAB Robins valuation specialists. If the appraisal is being performed for the first time or if changes have taken place to the property since the last valuation; a complete site inspection of all improvements included in the valuation occurs with a property representative. The first action is a consultation meeting in which the improvements observed and photographed during the on-site inspection are discussed and their relevance to the valuation and their current insurance policy. The next action is a thorough examination of all of the construction plans for the improvements, if plans are not available, physical measurements and information are gathered on the improvements. After all the property data information is obtained, the valuation and report process commences. The estimated replacement cost values reported in the valuation are derived through a number of methods. The primary method utilized for estimating the replacement cost in our insurance appraisals is provided through a software system called Sage 300 Construction Estimating 9.7, CRE Division of Sage North America. This estimating software is used by a large number of construction, engineering and architectural companies in the United States. The database within Sage Estimating for estimating the replacement costs is RS Means. RS Means is an established and reputable construction data collection company which has been a prominent provider since The labor wage rates and material costs used are localized to the property s location and pricing is based by zip codes which assures greater accuracy. Additionally, the database allows custom cost inputs from the market place furthering its accuracy. Additional sources used in deriving the estimated replacement cost for improvements include Marshall & Swift/Boeckh (MSB) 2015 and R.S. Means Building Construction Cost Data All of the replacement costs contained in our analysis include the following: Architect s Fees Contractor s Overhead and Profit Material Costs Labor, Taxes and Insurance Costs General Building Conditions Costs In addition to this cost data, our appraisers have formed relationships in the marketplace with general contractors and architectural and engineering firms, which are utilized as a check of reasonableness. 6

7 PURPOSE The purpose of this insurance appraisal is to provide an estimate of the Replacement Cost, Insurable Replacement Cost, and Depreciated Insurable Replacement Cost of the building to assist the client in determining the proper amount of insurance coverage only. The term insurance appraisal used throughout this report is an insurance industry terminology and is not to be confused with a market value appraisal nor should it be used in determining market value or in providing property valuation for loans, or any other purposes. Therefore, the term appraiser, as used throughout this report, is understood to be considered construction valuation consultants only, and provide the estimated insurable value of the improvements of a property and not market value of the property. DEFINITIONS Replacement Cost: This is the estimated total cost to construct, at current prices as of the effective date of the appraisal, a duplicate or replica of the building, structure or site improvement being valued, using the materials, construction standards, design, layout and quality of workmanship specified in the existing building construction plans and specifications. The replacement cost, as provided in this report, does not consider labor bonuses; material premiums; additional costs to conform property replaced to building codes, ordinances, or other legal restrictions; or to the cost of demolition in connection with reconstruction or removal of destroyed property. Insurance Exclusions: This include basement excavation, foundation below ground, and piping below ground. Insurable Replacement Cost: This is the Replacement Cost of the building less Insurance Exclusions. Depreciation: This is the loss in value due to deterioration caused by usage, wear and tear, and the elements. Depreciated Replacement Cost: This is the remaining value after the deduction of Insurance Exclusions and Depreciation from the Replacement Cost. 7

8 ISO CONSTRUCTION CLASSIFICATIONS GROUP I Determination of Group I rates shall be based upon the CSP Code, Protection Class/Location and Construction Class. Auxiliary or subsidiary occupancies (club house, storage, maintenance, service, boiler houses, etc.): apply CSP code of primary occupancy with which associated. F = Frame (Code 1) Buildings where the exterior walls are wood or other combustible materials, including construction where combustible materials are combined with other materials such as brick veneer, stone veneer, wood ironclad, and stucco on wood. JM = Joisted Masonry (Code 2) Buildings where the exterior walls are constructed of masonry materials such as adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile or similar materials, and where the floors and roof are combustible. (Other than construction defined by the description for Code 7.) N-C = Noncombustible (Code 3) Buildings where the exterior walls, floors, and the roof are constructed of, and supported by, metal, asbestos, gypsum or other noncombustible materials. (Other than construction defined by the defined by the description for Code 8.) M N-C = Masonry Noncombustible (Code 4) Buildings where the exterior walls are constructed of masonry materials as described in Code 2 with the floors and roof of metal or other noncombustible materials. (Other than construction defined by the description for Code 9.) FR = Modified Fire Resistive (Code 5) Buildings where the exterior walls and the floors and roof are constructed of masonry or fire resistive materials with a fire resistance rating of one hour or more but less than two hours. FR = Fire Resistive (Code 6) Building where the exterior walls and the floors and roof are constructed of masonry or fire resistive materials having a fire resistance rating of not less than two hours. Superior Masonry/Heavy Timber (Code 7) Joisted masonry buildings where the entire roof is a minimum of 2 inches in thickness and is supported by timbers having a minimum dimension of 6 inches; or, where the entire roof assembly is documented to have a wind uplift classification of 90 or equivalent. Superior Noncombustible (Code 8) Noncombustible buildings where the entire roof is constructed of 22 gauge metal (or heavier) on steel supports; or, where the entire roof is constructed of 2 inches of masonry on steel supports; or, where the entire roof assembly is documented to have a wind uplift classification of 90 or equivalent. Superior Masonry Noncombustible (Code 9) Masonry noncombustible buildings where the entire roof is constructed of 2 inches of masonry on steel supports; or, when the entire roof is constructed of 22 gauge metal (or heavier) on steel supports; or, where the entire roof assembly is documented to have a wind uplift classification of 90 or equivalent. 8

9 ISO CONSTRUCTION CLASSIFICATIONS GROUP II Wind Resistive (WR), Semi-Wind Resistive (SWR), Masonry (MAS), and Frame (FRM). AA = SUPERIOR Applies to buildings which are classified for Group I rating as Fire Resistive (Code 6) or modified Fire Resistive (Code 5). A = WIND RESISTIVE Applies to buildings which are classified for Group I rating as Fire Resistive (Code 6) or Modified Fire Resistive (Code 5) or Masonry Non-Combustible (Code 4). AB = SEMI-WIND RESISTIVE Applies to buildings which are classified for Group I rating as Modified Fire Resistive (Code 5) or Masonry Non-Combustible (Code 4). B = ORDINARY Applies to buildings which are classified for Group I rating as Non-Combustible (Code 3, Joisted Masonry (Code 2) or Frame (Code 1). Note: For Group II Rating, all buildings having wood roofs are classified as Class B Ordinary Construction. Mixed Construction: Fire Resistive or Modified Fire Resistive 2/3 or more total floor and roof is masonry or fire resistive. Masonry Non-Combustible 2/3 or more total floor and roof is non-combustible materials. Joisted Masonry 2/3 or more total floor and roof is combustible materials. Non-Combustible 2/3 or more of total wall, floor and roof is of non-combustible materials. Frame 1/3 of the total wall area is of combustible materials. Building Types Type I Buildings that are 3 stories or less. Type II Buildings that are 4 to 6 stories Type III Buildings that are 7 stories or more 9

10 RECAPITULATION OF VALUES ANY YACHT CLUB 123 ANY STREET, ANY CITY, ANY STATE INSURABLE VALUATION AS OF JANUARY 1, 2015 File: BUILDING REPLACEMENT COST INSURANCE EXCLUSIONS INSURABLE REPLACEMENT COST DEPRECIATION DEPRECIATED REPLACEMENT COST CLUBHOUSE 10,673, ,029 10,554, ,426 9,914,312 DOCKMASTER BUILDING 220,144 9, ,984 9, ,738 BOAT DOCKS 1,973, ,973, ,384 1,401,353 SPA & EEQUIPMENT 85, ,679 35,128 50,551 SWIMMING POOL 165, , ,622 57,951 TOTALS $13,118,900 $128,189 $12,990,711 $1,364,807 $11,625,904 1/ The estimated replacement cost stated above includes soft and hard costs which are identified on Page 6 of this report. 10

11 PROPERTY DATA The subject property is defined as the Any Yacht Club and is located at 123 Any Street, Any City, Any State The subject property consists of a clubhouse, boat docks, and spa with equipment, dock master s building and a single-family residence with swimming pool. The subject property is in good condition and well maintained at the time of this report. It must be noted that the appraiser was provided a partial set of construction plans for the improvements; therefore, please see Special Limiting Conditions #3 located in the Addendum section of this report. The following is a brief description of each component valued in the appraisal: CLUBHOUSE Clubhouse The clubhouse was built in the 1965 and has undergone numerous renovations as well as the recent renovation and expansion which occurred in The ISO construction code for this structure is JM- Joisted Masonry. The clubhouse is a single and two story design. A portion of the single story area was demolished and a two story section was constructed. The structure is built on a concrete reinforced slab with support pilings. Exterior walls are concrete block and decorative banding which are finished painted and stucco finish. The sub-floor of the new addition is reinforced concrete which in some areas extends past the vertical wall for covered verandas. The roof is a combination of flat and pitched areas. The pitched areas are frame with a wood sheathing deck, membrane and a tile cover. The flat portion of the roof is a concrete deck covered with a bituminous cover. Interior walls are a combination of masonry and studs covered with drywall and finished with millwork, paint, tile or wall coverings. Interior floor finishes are primarily wood, carpet and tile. Interior wall finishes include paint, wallpaper and paneling. Interior ceiling finishes are combination of painted gypsum board, wood, suspended acoustic tiles and fiber tiles. The HVAC is package units and appeared to be adequate for the use and size of the structure. The electric and plumbing appeared to be adequate for the intended use and size. The windows in the structure are a combination storefront, plate and casement. The building includes a commercial equipped kitchen and bar area which was recently renovated. Total Building Area 27,268 S.F. DOCK MASTER S BUILDING The ISO construction code for this structure is JM- Masonry. The dock master s building is a single story structure built on a concrete foundation and slab. The exterior walls are masonry fished with stucco paint. The roof extends past the vertical walls to serve as a covered entry is a wood frame system covered with sheathing, membrane and tile. The electric, HVAC and plumbing appeared to be adequate for the intend use. Total Building Area 870 S.F. 11

12 AMENITIES Swimming Pool, Spa and Equipment The swimming pool and spa is in-ground with concrete/gunite construction. Equipment includes circulating pumps, filters, chlorinators, and heaters. Boat Docks The docks are floating concrete with concrete piling supports. The docks are connected by aluminum bridge system. The docks have electric and water hookups as well as a fueling station. There are approximately 12, 064 square feet of dockage. 12

13 PROPERTY LOCATION ABC YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE ABC YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE

14 Any Yacht Club 123 Any Street Any City, Any State

15 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Analysis No. U00000 Description Replacement Cost Summary Labor Amount Material Amount Sub, Equip & Other Amount Total Amount SUBSTRUCTURE 38,493 71,357 8, ,775 EXTERIOR WALL CLOSURE 733,978 1,112,115 15,927 1,862,019 ROOFING & WATERPROOFING 74, ,670 1, ,638 INTERIOR CONSTRUCTION 2,696,427 4,127,798 28,806 6,853,031 ELEVATORS 21, ,224 6, ,097 MECHANICAL 221, , ,080 ELECTRICAL 183, , ,126 Replacement Cost Total Less Exclusions Insurable Replacement Cost Less Depreciation Depreciated Replacement Cost 3,970,223 6,641,587 61,957 10,673, ,029 10,554, ,426 9,914,311 All of the replacement costs contained in our analysis include the following: Architect s Fees Contractor s Overhead and Profit Material Costs Labor, Taxes and Insurance Costs General Building Conditions Costs Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 15

16 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount SUBSTRUCTURE Concrete Curing Concrete Ready Mix Normal Weight Excavation, Structural Expansion Joints Finish Grading Finishing Floors Forms In Place, Slab On Grade Hauling Soils or Aggregates Placing Concrete Reinforcing In Place Trench Excavation SUBSTRUCTURE TOTALS cy bcy 1, lf 1, sy 14, sf lcy cy 1,119 1,568-2,687-57,828-57, , ,580 1,629-1,539 3,168 10, ,056 3, , ,655 2,466 6,883-3,163 10,046 9,152 10, ,451 3, ,361 38,493 71,357 8, ,775 EXTERIOR WALL CLOSURE Accessories, Plaster Accessories, Sleeves And Chases Accessories, Wall & Foundation Anchor Bolts clf ea ea 2,221 2,089-4, ,745-2,448 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 16

17 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Building Paper Caulking And Sealants Commercial Steel Doors Concrete Block Column Concrete Block, High Strength Concrete Curing Concrete In Place Concrete Ready Mix Normal Weight Control Joint Door Hardware Doors And Windows, Exterior Drywall Expansion Joints Exterior Wall Finish Finishing Floors Forms Beams And Girders Forms In Place, Elevated Slabs Forms In Place, Walls ea vlf 25, sf cy 1, lf 25, sf lf 31, sf 17, sf 1, sfca 1, ,843 9,166 1,728-10, ,688-12,671 15,590 25,718-41, , , , , ,343-69,343 1,907 1,880-3, ,452-11, ,759 13,639-41, ,125 7,847 23,008-30,855 9,192 8, ,946 9,160 3,540-12,700 19,636 6,368-26,004 80,255 11,808-92,063 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 17

18 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Furring Masonry Grout Fill Masonry Reinforcing Nails Placing Concrete Prestressing Steel Reinforcing In Place Shoring for Concrete Steel Frames, Knock Down Storefront Systems Stucco Timber Connectors Walls And Ceilings, Interior Waterstop Wood Exterior Sheathing Wood Framing, Miscellaneous Wood Framing, Roofs 25, sf cy 3, lb ea 9, sf 3, sy 31, sf 6, sf 45,261 10,644-55,905 27,978 45,411 4,232 77,621 60,926 41, , ,321-4,744 15,065 6,778 4, ,946 25,808 36,678 1,040 63,526 2,910 1,907-4,817 1,516 5, ,341 52, , , ,324 21,849 5, ,253 1, ,719 14,220 7,465-21, ,301 6,640-10,941 1, ,195 4,114 3,326-7,440 EXTERIOR WALL CLOSURE TOTALS 733,978 1,112,115 15,927 1,862,019 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 18

19 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount ROOFING & WATERPROOFING Blocking 3.00 mbf 6,386 2,448-8,834 Cant Strips Flashing Modified Bitumen Roofing Roof Accessories Roof Deck Insulation Roofing Tile & Metal lf lf sq ,113 8,776 5,867-14,643 9,437 10,744 1,648 21,829 1,091 7,072-8,163 8,642 33,955-42,597 23,259 19,541-42,800 ROOFING & WATERPROOFING TOTALS 58,479 79,852 1, ,979 INTERIOR CONSTRUCTION Anchor Bolts Balcony/Walkway/Subfloor Bracing Caulking And Sealants Ceiling Suspension Systems Concrete Block Column Concrete Block, High Strength Concrete Curing ea 2.19 clf 8, sf 1, vlf 9, sf 1, ,391 14, ,884 7, , ,203 7,951-12,154 66, , ,694 51,736 50, ,147 1,399 1,960-3,359 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 19

20 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Concrete In Place Control Joint Door Hardware Doors & Windows, Interior Latex Drywall Expansion Joints Finishing Floors Framing, Walls Gypsum Board Ceilings and Framing Interior Finishes Masonry Grout Fill Masonry Reinforcing Metal Studs And Track Nails Precast Beams Precast Columns Prestressing Steel Reinforcing In Place Shoring for Concrete lf ea 60, sf 1, lf 17, sf 6.40 mbf 28, sf 12, sf 0 lb 22,189 31,159 9,220 62, ,341 11,256-12,596 1,898 1,127-3,025 65,303 18,318-83, , ,558 13, ,830 6,594 5,786-12, ,765 76, ,325 2,044,753 3,198,050-5,242,803 10,549 17,192 1,596 29,337 7,001 4,559-11,560 33,956 20,913-54, , ,334 3, ,857 9,902 59,287 4,839 74,028 3,263 3, ,506 3,315 5,600-8,915 3,303 3,973-7,276 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 20

21 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Stairs, Prefabricated Steel Frames, Knock Down Steel Lintels for Masonry Openings Suspended Acoustic Ceil Tiles Timber Connectors Walls And Ceilings, Interior Welded Wire Fabric Welding Structural Wood Door, Architectural Wood Framing, Miscellaneous ea 4, sf 98, sf csf ea 9,675 12,586-22,261 3,599 11,613-15, ,099 15,536-20, ,784 23,060-77,844 8,319 6,416-14,734 1, ,832 3,664 9,745-13, INTERIOR CONSTRUCTION TOTALS 2,687,490 4,118,397 28,806 6,834,693 ELEVATORS Hydraulic Elevators ELEVATORS TOTALS 18, , ,429 18, , ,429 MECHANICAL Automatic Fire Suppr Systems Plumbing - General 28, sf 28, sf 28,045 68,395-96, , , ,564 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 21

22 1/1/2015 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: CLUBHOUSE WITH INTERIORS CLUBHOUSE BUILDING TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000 Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Roof Top Air Conditioners MECHANICAL TOTALS 6,559 89,518-96, , , ,080 ELECTRICAL Electrical ELECTRICAL TOTALS 183, , , , , ,126 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 22

23 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: DOCKMASTER BUILDING WITH INTERIORS DOCKMASTER BUILDING 1/1/2015 TOTAL OF 1 INSURABLE VALUATION Analysis No. U00000A Description Replacement Cost Summary Labor Amount Material Amount Sub, Equip & Other Amount Total Amount SUBSTRUCTURE 2,773 4, ,266 EXTERIOR WALL CLOSURE 24,858 49, ,925 ROOFING & WATERPROOFING 4,039 5,265-9,304 INTERIOR CONSTRUCTION 34,300 63, ,156 MECHANICAL 5,068 13,469-18,537 ELECTRICAL 3,036 7,920-10,956 Replacement Cost Total Less Exclusions Insurable Replacement Cost Less Depreciation Depreciated Replacement Cost 74, , ,144 9, ,983-9, ,737 All of the replacement costs contained in our analysis include the following: Architect s Fees Contractor s Overhead and Profit Material Costs Labor, Taxes and Insurance Costs General Building Conditions Costs Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 23

24 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: DOCKMASTER BUILDING WITH INTERIORS DOCKMASTER BUILDING 1/1/2015 TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000A Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount SUBSTRUCTURE Concrete Curing Concrete Ready Mix Normal Weight Excavation, Structural Expansion Joints Finish Grading Finishing Floors Forms In Place, Slab On Grade Hauling Soils or Aggregates Placing Concrete Reinforcing In Place Trench Excavation SUBSTRUCTURE TOTALS cy 2.96 bcy lf sy sf lcy cy ,624-3, , ,773 4, ,266 EXTERIOR WALL CLOSURE Accessories, Plaster Aluminum Windows Anchor Bolts 0.58 clf ea ,351 26,801-28, Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 24

25 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: DOCKMASTER BUILDING WITH INTERIORS DOCKMASTER BUILDING 1/1/2015 TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000A Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Building Paper Caulking And Sealants Commercial Steel Doors Concrete Block Column Concrete Block, High Strength Control Joint Door Hardware Doors And Windows, Exterior Drywall Furring Masonry Grout Fill Masonry Reinforcing Nails Siding Exterior Steel Frames, Knock Down Stucco Timber Connectors Walls And Ceilings, Interior 4.00 ea vlf 1, sf lf 1, sf 1, sf 1, sf ea sy 1, sf ,792-3,017 1,238 2,050-3,288 5,795 5,710-11, ,369-2, , ,757 1, ,474 1,254 1, ,397 2,591 1,799-4, , ,714 6,020 1, , Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 25

26 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: DOCKMASTER BUILDING WITH INTERIORS DOCKMASTER BUILDING 1/1/2015 TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000A Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Wood Exterior Sheathing Wood Framing, Miscellaneous Wood Framing, Roofs 1, sf , EXTERIOR WALL CLOSURE TOTALS 24,858 49, ,925 ROOFING & WATERPROOFING Concrete Tile Roof Accessories Roof Deck Insulation sq lf 2,965 2,525-5, ,906-2,373 ROOFING & WATERPROOFING TOTALS 3,498 4,464-7,962 INTERIOR CONSTRUCTION Anchor Bolts Caulking And Sealants Concrete Block Column Concrete Block, High Strength Control Joint Door Hardware Doors & Windows, Interior Latex 1.00 ea vlf sf lf 6.00 ea ,281-2, , ,184-1, Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 26

27 ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: DOCKMASTER BUILDING WITH INTERIORS DOCKMASTER BUILDING 1/1/2015 TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000A Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Drywall Gypsum Board Ceilings and Framing Interior Finishes Masonry Grout Fill Masonry Reinforcing Metal Studs And Track Steel Frames, Knock Down Walls And Ceilings, Interior Wood Door, Architectural 2, sf sf sf 6.00 ea 1, sf 6.00 ea 1, ,779 5,616 1,843-7,459 22,895 54,591-77, , ,265-1, ,025-1,416 INTERIOR CONSTRUCTION TOTALS 34,081 63, ,685 MECHANICAL Automatic Fire Suppr Systems Condensing Units Pkgd Terminal Air Conditioner Plumbing - General MECHANICAL TOTALS sf 1.00 ea 1.00 ea sf 617 1,523-2,140 1,213 3,208-4, ,119-1,265 3,092 7,620-10,711 5,068 13,469-18,537 ELECTRICAL Sage 300 Construction Estimating 9.7, CRE Division of Sage North America 27

28 Sage 300 Construction Estimating 9.7, CRE Division of Sage North America ANY YACHT CLUB 123 ANY STREET ANY CITY, ANY STATE OCCUPANCY: DOCKMASTER BUILDING WITH INTERIORS DOCKMASTER BUILDING 1/1/2015 TOTAL OF 1 INSURABLE VALUATION Comprehensive Replacement Cost Summary Analysis No. U00000A Description Quantity Unit Labor Amount Material Amount Sub, Equip & Other Amount Total Amount Electrical ELECTRICAL TOTALS 3,036 7,920-10,956 3,036 7,920-10,956 28

29 PHOTOGRAPHS OF IMPROVEMENTS The following photographs were taken at the time of inspection and are representative of the property at that time. EXTERIOR VIEW OF CLUBHOUSE 29

30 EXTERIOR VIEW OF CLUBHOUSE EXTERIOR VIEW OF CLUBHOUSE 30

31 EXTERIOR VIEW OF CLUBHOUSE EXTERIOR VIEW OF CLUBHOUSE 31

32 EXTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 32

33 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 33

34 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 34

35 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 35

36 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 36

37 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 37

38 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 38

39 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 39

40 INTERIOR VIEW OF CLUBHOUSE INTERIOR VIEW OF CLUBHOUSE 40

41 EXTERIOR VIEW OF CLUBHOUSE ADDITION EXTERIOR VIEW OF CLUBHOUSE ADDITION 41

42 EXTERIOR VIEW OF CLUBHOUSE ADDITION EXTERIOR VIEW OF CLUBHOUSE ADDITION 42

43 EXTERIOR VIEW OF CLUBHOUSE ADDITION EXTERIOR VIEW OF CLUBHOUSE ADDITION 43

44 EXTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 44

45 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 45

46 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 46

47 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 47

48 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 48

49 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 49

50 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 50

51 INTERIOR VIEW OF CLUBHOUSE ADDITION INTERIOR VIEW OF CLUBHOUSE ADDITION 51

52 EXTERIOR VIEW OF CLUBHOUSE KITCHEN RENOVATION EXTERIOR VIEW OF CLUBHOUSE KITCHEN RENOVATION 52

53 VIEW OF ROOF AND MECHANICAL BUILDING EQUIPMENT VIEW OF ROOF AND MECHANICAL BUILDING EQUIPMENT 53

54 VIEW OF ROOF AND MECHANICAL BUILDING EQUIPMENT VIEW OF ROOF AND MECHANICAL BUILDING EQUIPMENT 54

55 VIEW OF ROOF AND MECHANICAL BUILDING EQUIPMENT VIEW OF ROOF AND MECHANICAL BUILDING EQUIPMENT 55

56 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 56

57 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 57

58 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 58

59 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 59

60 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 60

61 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 61

62 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 62

63 INTERIOR VIEW OF KITCHEN AREA INTERIOR VIEW OF KITCHEN AREA 63

64 EXTERIOR VIEW OF DOCKMASTER BUILDING EXTERIOR VIEW OF DOCKMASTER BUILDING 64

65 EXTERIOR VIEW OF DOCKMASTER BUILDING INTERIOR VIEW OF DOCKMASTER BUILDING 65

66 INTERIOR VIEW OF DOCKMASTER BUILDING INTERIOR VIEW OF DOCKMASTER BUILDING 66

67 VIEW OF TYPCIAL BOAT DOCKS VIEW OF TYPCIAL BOAT DOCKS 67

68 VIEW OF TYPCIAL BOAT DOCKS VIEW OF TYPCIAL BOAT DOCKS 68

69 VIEW OF TYPCIAL BOAT DOCKS VIEW OF TYPCIAL BOAT DOCKS 69

70 VIEW OF RESIDENCE SWIMMING POOL VIEW OF CLUBHOUSE SWIMMING POOL 70

71 VIEW OF TYPICAL SWIMMING POOL EQUIPMENT VIEW OF TYPICAL SWIMMING POOL EQUIPMENT 71

72 CERTIFICATION I certify that, to the best of my knowledge and belief: According to our knowledge and belief, the statements contained in this report, which were used as the basis of the analysis, opinions and conclusions herein, are true and correct. We have no known present or contemplated future interest in the property that is the subject of this report. We have no personal interest or bias with respect to the subject matter of this report or of the parties involved in this assignment. Neither the employment for this assignment, nor our compensation, was contingent upon the estimates of value contained herein. The signature or signatures below indicate the individual(s), who contributed significant professional assistance in the determination of the insurable values set forth in this report. This appraisal is to be used as a guide to assist the client in their determination of the proper amount of insurance coverage. Based on the data contained herein, and other valuation data, it is our considered opinion that the hazard insurable values of the subject property, as of January 1, 2015, are as follows: AS IS TOTAL ESTIMATED INSURABLE VALUES REPLACEMENT COST LESS EXCLUSIONS INSURABLE REPLACEMENT COST LESS DEPRECIATION DEPRECIATED REPLACEMENT COST $13,118,900 $128,189 $12,990,711 $1,364,807 $11,625,904 Respectfully submitted, GAB Robins, A Division of Cunningham Lindsey Bruce D. Riemann Manager/Senior Appraiser Certified Construction Inspector #6206 Certified Construction Consultant #

73 STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS 1. This insurable value appraisal is based on information obtained from an inspection of the building(s) and reflects current replacement costs based on prevailing local construction wage rates, local building materials prices, manufactured equipment, and contractors overhead and profit. It is based on replacing each building as a complete unit at one time. No contents, personal property, land value or other site improvements or permits have been included in this report. 2. In the event that appraiser was not provided complete construction plans/blueprints for use in the completion of this appraisal, assumptions were made regarding unseen construction components, based on our experience in the valuation of properties similar to the subject. In the event that these assumptions are in error, we reserve the right to modify this appraisal, including value conclusions. 3. No consideration has been given to labor bonuses; material premiums; additional costs to conform property replaced to building codes, ordinances, or other legal restrictions; or to the cost of demolition in connection with reconstruction or removal of destroyed property. 4. No responsibility is assumed for legal matters, questions of survey, opinions of title, soil or sub-soil conditions, engineering or other technical matters. Therefore, GAB assumes that there are no hidden or unapparent conditions of the appraised property, which would render it more or less valuable. Further, GAB assumes that there are no potentially harmful asbestos or other materials and/or site contaminants in, on, or near the soil, subsoil or structure of the appraised property and that there has been no disposal, discharge, leakage, or spillage of pollutants or contaminants, which would render it more or less valuable, whether or not these materials or contaminants are apparent or hidden and unapparent. No responsibility is assumed by GAB for such conditions. In addition, no responsibility is assumed by GAB for the cost of engineering and/or laboratory studies that might be required to discover such materials or contaminants. 5. Possession of this report, or a copy thereof, does not carry with it the right of reproduction or publication, in whole nor in part, not may it be used for any purpose by any other than the recipient, without the written consent and approval of GAB. No report is valid unless it bears an original signature. Copies of the report will be furnished at cost by the appraiser if needed. This appraisal shall be considered in its entirety. No part thereof shall be utilized separately, or out of context. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and are believed to be true and correct. However, for accuracy of such items furnished the appraiser can assume no responsibility. 7. Neither all, nor any part of the contents of this report, especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to professional designation, shall be disseminated to the public through advertising media, public relations media, news media, sales media or by any other means of communication without prior written consent and approval of the author. 73

74 STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS 8. The conclusions presented in this report are estimates based on the data available or assembled by the appraiser. These conclusions must be considered opinions and not facts. 9. The appraisal report only covers the Appraised Property; neither the figures, unit values, nor any analysis is to be construed as applicable to any other property, however similar such may be. The separate allocations for improvements must not be used in conjunction with any other appraisal report and are invalid if so used. 10. If there are inquiries concerning the inclusion or exclusion of items not covered by the appraisal, or the valuation set forth in the appraisal, such inquiries must be transmitted in writing to GAB Robins within 120 days of receipt of the appraisal report. If no such inquiries are transmitted within the stipulated period, the complete appraisal and valuation set forth herein shall be deemed to have been acceptable to the client. 11. This appraisal report is limited as to the matters set forth herein and no opinion of value or any other type of opinion is to be inferred or may be implied beyond the matters expressly so stated. 12. GAB has had to rely on various sources to accumulate data on construction material and labors cost in the area in order to arrive at its opinion of the replacement cost of the Appraised Property. The information obtained from these sources is considered correct and reasonable, but is not guaranteed. No liability is assumed because of inaccuracies or errors in such information or estimates, although reasonable efforts have been made to confirm them. No important factors have been intentionally withheld or overlooked. 13. The employment of the appraiser to complete this report for the purpose stated herein shall be terminated upon the delivery of the report to the employer or his designated representative unless the employer and the appraiser have agreed in writing that the appraiser's services as a consultant or expert witness have been retained beyond the time of completion of the report. 14. The authors of this report shall not be required to give testimony or appear in court or at any administrative proceeding relating to this appraisal, unless this appraisal is, by agreement, made in anticipation of litigation. 15. The liability of GAB, the author(s) of this report and any other employees of GAB is limited in total to the fee collected for preparation of this appraisal report. 16. Acceptance of, and/or use of, this appraisal report constitutes acceptance of the above conditions. 17. It must be noted that reconstruction from widespread natural disasters such as a hurricane or a flood event may create abnormal shortages of labor and materials, which could result in significant price increases for labor and materials above normal costs prior to the event. These increases, while temporary, may last for a year or more before returning to normal market conditions. Therefore, the insurable values stated in this appraisal are estimated based on normal market conditions. Thus, some or all of the estimated values as reported herein may be inadequate for reconstruction or repair in periods after a widespread natural disaster. 74

75 ANNUAL UPDATE PROGRAM GAB Robins is pleased to offer our clients a program to provide annual updates on their Insurance Appraisals for the next three years for a guaranteed fee. The Update Program is valid only if there are no changes to the property, i.e. new construction, major upgrades, etc. Changes to the property within the three-year update program period would require a re-inspection of the property at a higher fee. ANNUAL UPDATE PROGRAM BENEFITS Annual Insurance Appraisal updates on the properties provide a written validation of updated insurance values, thus support premium increases. Demonstrates due diligence and impartiality on the part of the property manager and board members by the involvement of a third party professional. The cost of your update insurance appraisal is lower if enrolled in the update program. If you have not already chosen to accept the three-year annual update program, and would like to do so at this time, please contact our Customer Service Representative at (407) x 257, or fax your request to (407) We will be pleased to provide you with a bid for the three-year annual program 75

76 CITIZEN PROPERTY INSURANCE CORPORATION Minimum Requirements for Non-licensed Commercial Residential Inspections/Valuation In accordance with Citizens Property Insurance Corporation Agent Technical Bulletin dated July 14, 2010, the following information is required: CERTIFICATION Name of the firm or key personnel completing the inspection/valuation: GAB Robins, North America, Inc. and Bruce D. Riemann I, Bruce D. Riemann, certify that I, or the entity listed above, have/has at least three (3) years experience in the field of commercial property inspections, commercial risk assessment, and commercial property replacement cost evaluation. Date: January 1, 2015 Bruce D. Riemann Manager/Senior Appraiser Certified Construction Inspector #6206 Certified Construction Consultant #6206 Association of Construction Inspectors PROPERTY ANY YACHT CLUB 123 Any Street Any City, Any State,

77 VALUATION REQUIREMENTS This valuation includes an estimate of the replacement cost for every structure to be covered. The method used to determine the cost of rebuilding the structures is the current version of the calculation systems: o Marshall & Swift/Boeckh (MSB) 2015 o Sage 300 Construction Estimating 9.7 o R.S. Means Building Construction Cost Data 2015 Inspections also include clear photographs of any buildings and ancillary structures the applicant/policyholder wishes to insure. Where multiple buildings are identical, or nearly so, representative photographs have been used. Photographs of any existing damage are also included. VALUATION AND BUILDING INFORMATION Please see attached report under the Property Data section for the following information: Identity of building being inspected Year of construction Total square footage Number of stories Number of units Construction details Detailed description of unit use Overall condition of structure Common area interior finishes Type and condition of all ancillary structures on the property, including non-residential buildings and amenity package Distance to tidal water Detailed description and condition of exposures such as fireplaces, porches, decks, balconies, cooking exposures Detailed descriptions of other property or liability hazards 77